Can Facebook’s new payment method compete with Venmo and Zelle?

can facebooks new payment method compete with venmo and zelle

Sumary of Can Facebook’s new payment method compete with Venmo and Zelle?:

  • The rollout of Facebook’s QR code-based payment service turns its Messenger platform into an open payment network, but may struggle to pull users away from popular alternatives like Venmo and Zelle..
  • Unlike previous iterations of Messenger payments, the new system does not require users to be connected on its social network..
  • Instead, it creates a QR code or a payment link in the Messenger app and ties into Facebook Pay, which launched in 2019..
  • Facebook initiates the payments immediately, but it could take up to five days for the funds to post to a bank account from a linked debit card or PayPal account..
  • “I don’t know that this new Messenger payments capability will be a breakout service, but more likely it a means to facilitate, embed and control payments and the payments experience for their users within the Facebook ecosystem,”.
  • Facebook is playing a long game where the payment connections it building to consumers will evolve along with contextual commerce and digital currency….

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